NAND wafer 合约价格大幅提升，AI 从云到端 拥抱新机遇 [Table_ReportDate] 2025 年 12 月 7 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@cindasc.com 王义夫 电子行业分析师 执业编号：S1500525090001 邮 箱：wangyifu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] NAND wafer 合约价格大幅提升，AI 从 云到端拥抱新机遇 [Table_ReportDate] 2025 年 12 ...

Core Insights - The MEET2026 Intelligent Future Conference is a significant event in the AI sector, featuring prominent speakers from academia and industry, including Tsinghua University and major companies like Baidu and Google Cloud [1][21][39] - The conference will cover a wide range of topics related to AI, including large language models, embodied intelligence, and cloud computing applications [3][39] - The event aims to provide practical insights and discussions on the current state and future of AI technology, focusing on real-world applications rather than theoretical concepts [33][34] Highlights - Highlight 1: The conference will feature a GenAI dialogue and an Agent roundtable, addressing pressing questions about AI's impact on industries and the evolution of autonomous technologies [5][8][12] - Highlight 2: Nearly thirty influential guests from academia and industry will participate, discussing the latest advancements and challenges in AI, including insights from Tsinghua University and leading tech companies [17][21] - Highlight 3: The event will release two important documents: the "2025 AI Top Ten Trends Report" and the "2025 AI Annual List," summarizing key developments and influential figures in the AI landscape [35][39] Event Details - The MEET2026 conference is scheduled for December 10, 2025, at the Beijing Jinmao Hotel, with a focus on how AI technologies are transforming various sectors [37][39] - The agenda includes a series of talks and discussions from industry leaders, covering topics from AI's role in enhancing productivity to the future of AI agents [41][42]

12月4日，由中国电信举办的2025数智科技生态大会在广州召开。大会以"智能领航 智惠共生"为主题，汇聚产业链生态伙伴，展示科技创新与产业协同的新 成果，探讨数智科技生态发展的新机遇。 在推动AI入端的实践中，高通与中国电信取得了丰硕成果：高通助力中国电信打造"麦芒"系列AI手机，继麦芒30获得不错的市场表现后，麦芒40进一步将 AI通话助手、AI修图等AI创新应用带给用户；双方打造的天翼AI眼镜也亮相展台，这款"第一视角智能交互终端"可针对不同场景定制语音、语义和多模态 算法，支持智能识物、食物分析、展品讲解等丰富功能。 此外，在AI终端生态方面，展台还展示了多款搭载骁龙旗舰移动平台的AI手机、基于骁龙X系列的AI PC，以及涵盖影像、办公、娱乐等多样化场景的终端 侧智能体AI应用，例如骁龙手机和PC平台超速推理实现的每秒超200 tokens的端侧推理速度，基于荣耀终端的一语搜图追色、跨端搜传等，让参观者切实感 受到"AI入端"带来的智慧生活新体验。 作为中国电信的长期合作伙伴，高通公司再度参会并亮相展区，集中呈现终端侧AI、连接与计算交汇下的创新实践，展示与中国电信等生态伙伴在AI手 机、PC、扩展现实 ...

Core Viewpoint - The MEET2026 Intelligent Future Conference is a significant event in the AI sector, featuring prominent speakers from academia and industry, and covering a wide range of topics related to AI advancements and applications [1][3][39]. Group 1: Conference Highlights - The conference will include discussions on GenAI and AI Agents, focusing on current hot topics such as the impact of AI on human roles and the evolution of autonomous driving technologies [5][6][12]. - A notable dialogue titled "GenAI Talk" will feature insights from industry leaders on the commercialization of Robotaxi and the integration of GenAI in autonomous driving [11][12]. - An engaging roundtable discussion will explore the evolution of AI Agents, addressing their technical frameworks and practical applications in various industries [16][17]. Group 2: Speaker Lineup - The conference will host nearly thirty influential figures from academia and industry, including experts from Tsinghua University and leading companies like Baidu, Qualcomm, and Amazon [17][21][28]. - Keynote speakers will provide insights into the future of AI, discussing topics such as the next breakthroughs in AI technology and the real-world challenges of AI implementation [33][39]. Group 3: Reports and Publications - The event will unveil two important documents: the "2025 AI Top Ten Trends Report," summarizing significant advancements and future trends in AI, and the "2025 AI Annual List," highlighting influential companies, individuals, and products in the industry [35][39].

It has been about a month since the last earnings report for Qualcomm (QCOM) . Shares have added about 0.7% in that time frame, underperforming the S&P 500.But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Qualcomm due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.Qualcomm Beats Q4 E ...

12月5日，由中国电信主办的2025数智科技生态大会主论坛在广州召开。本届大会以"智能领航 智惠共生"为主题，汇聚政府部门、行业机构、科研院所及企 业代表，共同探讨人工智能、卫星通信、低空经济等前沿领域的发展趋势，展望数智科技生态的协同创新与产业未来。 从高通公司的角度来看，要让AI真正能在终端普惠落地，离不开"云-网-端"协同发展。要推动AI的规模化发展，既离不开像中国电信这样的网络运营商，也 离不开云服务商和终端厂商。终端侧AI、边缘智能与云之间的协同发展，正成为推动AI发展的重要趋势。 要释放AI的全部潜能，AI处理的重心需要向边缘侧、终端侧转移。与仅在云端处理AI工作负载不同，终端侧AI具备隐私、安全、性能、时延等多项优势。 我们认为，AI要真正普惠大众，不能只依靠数据中心，而是要在最贴近用户的终端上跑起来。这也特别契合今天大会的主题"智能领航 智惠共生"，也就是 让AI真正能在终端落地，让大家都能享受到AI服务。 要实现AI普惠这个目标，我认为还是要通过云、网、端的协同发展：云一定要强，比如像中国电信推出的星辰大模型这样能力非常强的云服务，这一点很 重要；网一定要稳，这样网络覆盖和连接表现才能更出色 ...

今年是高通公司成立四十周年，也是在华发展三十年。过去三十年，高通一直坚持技术创新，与中国合作伙伴携手拓展全球市场。 "外企其实恰好处在双循环的交汇点。"孟樸说，高通一直坚持不做介入终端产品的生产销售，只专注做基础技术研发，通过产品和技术，赋能合作伙伴。无 论是在中国市场还是全球市场，高通所扮演的角色，都能够帮助合作伙伴获得良好的发展机会。 12月2日-5日，由新华社品牌工作办公室、新华网、新华社海南分社主办的2025企业家博鳌论坛系列活动在海南博鳌召开。其间，高通公司中国区董事长孟 樸在论坛访谈间接受新华网专访。 图为高通公司中国区董事长孟樸在2025企业家博鳌论坛访谈间接受采访 作为企业家博鳌论坛的老朋友，孟樸连续7年参与相关活动，他对论坛"企业家高端交流平台"的功能定位十分认可。"我与企业家们沟通交流时，大家都觉 得，这个平台可以帮助不同的企业加强合作。"值此论坛举办十周年之际，孟樸认为今年的活动格外有意义，期待进一步扩大企业的"朋友圈"，推动产业向 前。 孟樸提到，今年进博会上推出的《2025高通物联网创新案例集》，展示了中国合作伙伴借助高通的物联网解决方案开拓全球市场的优秀成果，这也正是高通 与合作伙 ...

Core Viewpoint - The A-share market is witnessing strong performance in AI glasses concept stocks, driven by recent product launches and industry collaborations [1] Group 1: Market Performance - As of the half-day close, several AI glasses stocks have shown significant gains, with 可川科技 reaching the daily limit up, 中富通 increasing over 9%, 博士眼镜 up over 8%, 统联精密 up over 6%, 长盈精密 up over 5%, and both 联创电子 and 博杰股份 increasing over 4% [1] Group 2: Recent Developments - On December 3, 理想汽车 launched its first AI glasses, Livis, marking a significant entry into the market [1] - On November 27, 阿里巴巴's subsidiary launched the 夸克AI眼镜S1, further expanding the AI glasses product offerings [1] - 阿里巴巴 has formed the 夸克AI眼镜产业生态联盟 in collaboration with Qualcomm, 立讯精密, 博士眼镜, and 至格科技, indicating a strategic move to enhance the ecosystem around AI glasses [1]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7][8] Investment Landscape - Wall Street is investing hundreds of billions into AI, but there is a looming question regarding the energy supply needed to sustain this growth [2] - AI data centers consume vast amounts of energy, comparable to that of small cities, leading to concerns about power grid strain and rising electricity prices [2][3] - The company in focus is positioned to benefit from the surge in demand for electricity driven by AI, making it a potentially lucrative investment opportunity [3][6] Company Profile - The company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and poised to capitalize on the onshoring trend due to tariffs [5][6] - It possesses significant nuclear energy infrastructure assets, making it integral to America's future power strategy [7] - The company is noted for its ability to execute large-scale engineering, procurement, and construction projects across various energy sectors, including oil, gas, and renewables [7][8] Financial Position - The company is completely debt-free and has a substantial cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to heavily indebted competitors [8][10] - It also holds a significant equity stake in another AI-related company, providing indirect exposure to multiple growth opportunities without the associated premium costs [9][10] Market Sentiment - There is a growing interest from hedge funds in this company, which is considered undervalued and off the radar, with some hedge fund managers discreetly promoting it to wealthy clients [9][10] - The company is trading at less than seven times earnings, indicating a potentially attractive valuation for investors looking for exposure to AI and energy sectors [10] Future Outlook - The ongoing AI infrastructure supercycle, combined with the onshoring boom and increased U.S. LNG exports, positions the company for significant growth [14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, further solidifying the importance of energy infrastructure in supporting this growth [12][14]

MEET组委会 发自 凹非寺 量子位 | 公众号 QbitAI 抓紧，真的只剩 一周 时间了！ 因为AI圈一年一度绝对不容错过的盛宴马上就要来了—— MEET2026智能未来大会 。 而且现在大会的内容已经可以剧透，真就是光看嘉宾就知道有多重磅了，包括清华大学张亚勤、孙茂松、智源研究院王仲远等学术界的大咖， 国内产业界有百度、小米、商汤等，国外有谷歌云、亚马逊云科技、高通等。 不仅如此，议题内容也是相当之丰富，从大语言模型到多模态，从具身智能到自动驾驶，从云计算到具体应用，可以说是涵盖了与当下主流AI 相关的方方面面。 还有还有，如果你也希望获得最前瞻的观点，那MEET也是绝对不容错过的大会，包你有收获和启发～ 是不是看到这就已经开始心动了？心动不如行动， 线下报名通道 这就奉上： 那么MEET2026智能未来大会还有什么亮点？我们继续往下看。 亮点一：重磅GenAI对话+前沿Agent圆桌，深挖年度最热议题 今年大家还在问AI会不会取代人类吗？可能已经没那么焦虑了—— 因为AI开始学会自己动手了。 Robotaxi不再只是PPT里的概念，而是真的在街头载客；Agent也不再只是写写代码、回回邮件，而是能自主 ...